AGL 38.11 Decreased By ▼ -0.05 (-0.13%)
AIRLINK 137.01 Increased By ▲ 2.82 (2.1%)
BOP 9.20 Increased By ▲ 0.35 (3.95%)
CNERGY 4.72 Increased By ▲ 0.03 (0.64%)
DCL 8.90 Increased By ▲ 0.23 (2.65%)
DFML 39.35 Decreased By ▼ -0.43 (-1.08%)
DGKC 86.05 Increased By ▲ 0.90 (1.06%)
FCCL 35.31 Increased By ▲ 0.41 (1.17%)
FFBL 75.60 No Change ▼ 0.00 (0%)
FFL 12.68 Decreased By ▼ -0.06 (-0.47%)
HUBC 109.40 Decreased By ▼ -0.05 (-0.05%)
HUMNL 14.65 Increased By ▲ 0.55 (3.9%)
KEL 5.47 Increased By ▲ 0.07 (1.3%)
KOSM 7.98 Increased By ▲ 0.23 (2.97%)
MLCF 41.25 Decreased By ▼ -0.12 (-0.29%)
NBP 70.30 Increased By ▲ 0.60 (0.86%)
OGDC 195.62 Increased By ▲ 2.00 (1.03%)
PAEL 27.00 Increased By ▲ 0.79 (3.01%)
PIBTL 7.48 Increased By ▲ 0.06 (0.81%)
PPL 168.49 Increased By ▲ 4.64 (2.83%)
PRL 26.27 Decreased By ▼ -0.09 (-0.34%)
PTC 20.41 Increased By ▲ 0.94 (4.83%)
SEARL 87.32 Increased By ▲ 2.92 (3.46%)
TELE 7.88 Decreased By ▼ -0.11 (-1.38%)
TOMCL 35.33 Increased By ▲ 1.28 (3.76%)
TPLP 8.91 Increased By ▲ 0.19 (2.18%)
TREET 17.26 Increased By ▲ 0.08 (0.47%)
TRG 59.45 Decreased By ▼ -1.55 (-2.54%)
UNITY 31.62 Increased By ▲ 2.66 (9.19%)
WTL 1.38 Increased By ▲ 0.01 (0.73%)
BR100 10,857 Increased By 80.9 (0.75%)
BR30 32,726 Increased By 492.1 (1.53%)
KSE100 100,909 Increased By 826.6 (0.83%)
KSE30 31,328 Increased By 134.4 (0.43%)

As the non-payment of refunds and sharp increase in cotton yarn prices have taken the value-added textile industry to the Intensive Care Unit (ICU), the Pakistan Readymade Garments Manufacturers and Exporters Association has asked PM Shahid Khaqan Abbasi to give directives personally for the early release of funds and implementation of PM package announced earlier.
PRGMEA (North Zone) senior vice chairman Sheikh Luqman Amin denounced the Finance ministry and Federal Board of Revenue for delaying the PM export package, proposing the government to release funds to the central bank for disbursement of duty drawback of taxes to the exporters, as only the immediate payment of all outstanding refunds of sales tax would save the industry.
The Ministry of Textile Industry has already notified the revised PM's package for exporters immediately after the approval of ECC but the Finance ministry has been using delaying tactics, committing the value-added textile sector to the Intensive Care Unit amidst record high prices of yarn in the country.
According to the statement issued here on Thursday, Luqman said that value-added textile exporters were battling hard for their survival in the global market in the face of severe competition with the regional countries. Terming funds blockage as main cause of continuous drop in exports, he said that export industry was unable to tap its potential in accordance with capacity.
He said the government initiative, if implemented timely, will surely provide relief to the exporters who are presently facing severe liquidity crunch. He, however, made it clear that these measures are short-term solution, as the government would have to provide conducive environment by reducing cost of inputs to achieve export targets.
PRGMEA hopes the government will fulfill its commitment this time to restore the confidence of the exporters before the collapse of the industry. The PRGMEA senior vice chairman appealed to the prime minister to personally pass orders for swift implementation of the package.

Comments

Comments are closed.